Israeli hotel operator, property developer and investor Alrov today agreed terms to buy the Café Royal block’s 125-year long leasehold at London’s Regent Street from the Crown Estate.
As revealed in Property Week last month the Israeli-listed company, run by Alfred Akirov and his family, will turn the hotel into a 160-bedroom luxury hotel.
Tourism hot spot
Alrov has been actively looking across Europe for hotels in tourism hot-spots.
‘This is an exceptionally exciting opportunity to develop a world-leading hotel in one of the world's leading tourism destinations and we are delighted to work with The Crown Estate,’ said Georgi Akirov, managing director of Alrov’s Luxury Hotel Business said. ‘Alrov remain focused on building an international presence as we continue our search for top quality buildings in prime locations.’
Plans for Somerset House
Tel Aviv-based Alrov had been in talks to create a luxury hotel at Somerset House, the 18th-century palace for the Duke of Somerset, on the Strand near Trafalgar Square. However, talks have since broken down.
The Crown expects to receive planning permission next month for the 1m sq ft redevelopment of the Quadrant, which houses the Café Royal block.
The scheme will also see the redevelopment of the Regent Palace hotel and the Quadrant Arcade, all at the south end of Regent Street.
When completed it will be valued at more than £750m.
CB Richard Ellis advised the Crown Estate, Clay Street Property Investment Consultants acted on behalf of Alrov.
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